NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are rising 3.53% to $7.63 late Wednesday morning alongside other Brazil-based stocks after labor data contributed to global optimism, Bloomberg reports.

The Ibovespa is leading gains in the Americas as better-than-expected labor data added to hopes that the government of acting president Michel Temer will succeed in pulling the country out of its worst recession in 100 years.

The unemployment rate stayed the same in May, while economists projected an increase, Bloomberg said.

Brazil stocks are also increasing amid speculation that central banks around the world will lessen the impact of the U.K.'s exit from the European Union with stimulus measures.

The Ibovespa is rising 1.97% to 50,992.55 on Wednesday morning.

Banco Bradesco is an Osasco, Brazil-based multiple service bank.

Image placeholder title